Banking Services in Antigua

The banking sector of Antigua and Barbuda is the icing on the cake. It’s the perfect complement for this country’s healthy financial environment. This banking sector is the second largest in the Eastern Caribbean and holds one-sixth of the loans, deposits, and assets in the region. 

Very few jurisdictions have such stable and protective banking, especially for offshore clients. Business people will find eight commercial banks to open their accounts. The sector is constituted by local and foreign banks mainly from Canada and the Caribbean. The latter has developed progressively and now accounts for a large portion of the market share.

Being a member of the ECCU (Eastern Caribbean Currency Union) has helped Antigua to develop its banking sector. The country is also home to one of the finest banking institutions in the region. For over 30 years they have been providing financial services and now are one of the world’s favorite private banking destinations. 

Clients won’t miss their domestic accounts as they can access a variety of top-class services in Antigua. They can deposit, borrow, and carry out their transactions hassle-free. A large part of the local population has access to banking services in this island country. 

This section intends to show a general picture of the banking environment in Antigua and Barbuda. We will touch upon topics such as opening requirements, procedures, advantages, and uses.

Although the Antiguan banking sector is highly reliable, opening an account for an IBC can be complicated. If you want an account for your structure, please contact our experts as we can recommend many other jurisdictions. Nonetheless, if you decide to acquire citizenship by investment in this country, you won’t have any issues opening a personal account as a citizen. 

The Banking Sector in Antigua and Barbuda 

In the 90s, Antigua and Barbuda was one of the top offshore banking destinations, but this started to change in the year 2000. Since then, the country has been subject to a great deal of pressure from international regulators and forced to tighten its directives. But then again, this happened in most of the world, so Antigua hasn’t lost competitiveness on the international scale. However, the number of banks has declined.

There are many reasons why to open an account in this country. Yet, this sector is especially appealing to citizenship by investment applicants. Making the investment through a local transaction is easier and faster, especially if you are applying through the real estate option. 

Investors can access special developer deals thanks to their local bank account. For example, they can get favorable terms when it comes to return of investment. They can benefit from rental programs of their real estate property. Although the transactions can be made from any international account (as long as these are not sanctioned by the US), the best option is through an Antiguan entity. We believe a bank account is a perfect complement to other financial services within the country. 

Both domestic and foreign banks are constantly developing and have both international and local clients. 

Antigua Banking: How Does it Work?

Antigua and Barbuda is a member of the ECCU (Eastern Caribbean Currency Union). This entity is dedicated to the economic development of the Caribbean region. Some of its members are St Kitts and Nevis, Dominica, Anguilla, St Lucia, and Montserrat. These countries share a common currency that’s pegged to the US dollar and the ECCU ensures its stability.

Thanks to the ECCU, Antigua and Barbuda enjoys a stable economic environment that is fertile soil for banking development. The entity controls currency exchange processes, acts as a grantor for deposits, regulates the monetary policies, and sets the guidelines for development. 

The World Bank’s Ease of Doing Business Index shows excellent results for Antigua and Barbuda. It’s in 98th place of 183 other countries when it comes to the attractiveness of borrowing. Also, we can find it in 29th place among the most financially protected countries. 

Since the first offshore bank opened its gates in 1983, the Antiguan banking sector has been constantly developing. Although it has suffered from international pressure, the country still presents financial advantages and incentives. The banks have created a global network of partners which makes transactions easier. Also, they have acquired many correspondent banks thanks to a variety of signed agreements. Thus, they can provide services to people from any country in the world and almost any currency. 

What Can You Do with the Commercial Banks in Antigua and Barbuda 

-Access one of the oldest financial institutions in the Caribbean and its top-class private banking services.

-Open an account for an operative company.

-Open personal accounts and access first-class international corporate services. 

-Open a trading account. One of the Antiguan banks operates with stock market transactions.

-Asset management services.

-Portfolio management.

-International deposits.

Our experts don’t recommend opening an account for an IBC but they can suggest other jurisdictions. 

The Antiguan banks are very protective of their information. If you want to know exactly what bank is better for the real estate transaction of your CBI application, contact our experts.

Ask for more information here

How to Open an Account in Antigua

All Antigua and Barbuda banks accept international clients. Yet, the process can be tricky at times. The documents required may vary according to the institution, but next, we list the basics:

Required Documents to Open a Bank Account in Antigua and Barbuda 

-A valid passport. It has to be an international travel document.

-Second ID. This can be a driver’s license or national ID.

-Entry-visa. If the applicant doesn’t come from a country that has a visa-free agreement, he/she will have to present documents that allow entry to Antigua and Barbuda. 

-Proof of residence. The applicant must present a document stating his/her address. This can be a rental agreement or utility bills in the applicant’s name. 

-Bank references. Recommendation letters from your bank in another country. The letter will have more weight if it comes from banks in white-listed jurisdictions. In some cases, the bank can ask for your credit records. 

-Account opening form signed by the applicant. 

As these requirements may vary, we encourage you to contact Mundo’s team. They can assess your case and provide a quotation and an accurate set of requirements. Since opening a bank account in Antigua and Barbuda for IBCs can be difficult, we are ready to introduce other opportunities.

Information Disclosure and CRS

All personal information that you share with your Antiguan bank is subject to privacy by law. This means it can’t be shared with third parties. 

It’s worth noting that Antigua and Barbuda has joined the CRS. This means that every bank is required to share information with the client’s tax residency country. Applicants must remember that Antigua and Barbuda is not a jurisdiction to hide money from their governments. It’s a great choice for those who want to get citizenship by investment or invest overseas.

Banking Services 

Once your account is open, you can request your checkbook and credit cards (Visa or MasterCard). Regarding currency, Antiguan banks work with euros, US dollars, pounds sterling, and Canadian dollars. If you want to convert your funds to a different currency, then the bank will do it for you at the current exchange rate.

Online Banking Services 

Any bank account of the 21st century needs a reliable online banking system. With the world moving to virtual reality, online services have become popular in many commercial sectors. This has increased since the COVID-19 outbreak in 2020. Moreover, nobody has time to go to the bank and make endless lines. Not to mention the people who travel frequently or live abroad.

Antigua and Barbuda is at the top of international banking services offering reliable online platforms. Clients can monitor their accounts, check their balance, make payments, and do other transactions. Although these platforms can be easily installed, you may need special assistance when it comes to validating your application before the bank. 

Here at MUNDO we are always ready to give you a piece of advice in relation to any business needs you might have. 

So, if you need any information about any service in Antigua and Barbuda, please don't hesitate to contact our experts! 

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